Have you heard? The Internal Revenue Service just announced its decision to extend Affordable Care Act reporting deadlines under IRC sections 6055 & 6056. The extended due dates will now be:
- March 31st, 2016 (from January 31st) for printing and mailing 1095 Forms to recipients and;
- June 30th, 2016 (from April 30th) for sending the 1094 electronic transmittal to the IRS through the new AIR system portal
Although the IRS is providing this extension, it is important to work diligently to provide 1095 Forms to your covered employees and customers as quickly as possible so they can accurately complete their 1040 individual tax returns. For this reason, Sovos Compliance recommends that you process on the original January 31st schedule by continuing to import, validate, and send your data as scheduled. We can help you meet this deadline and fulfill all your reporting obligations using Taxport ACA. Additionally, with this deadline extension, automatic and provision extension requests previously available in this process are no longer available for employers. This means these new reporting deadlines are final. Sovos has over 30 years of experience working in the tax reporting world. For those familiar with tax information reporting, a last minute change by the IRS is not unexpected. The IRS frequently makes last minute changes with deadlines and/or forms with other requirements. As a trusted compliance partner, Sovos promises to continue to stay vigilant for any additional last minute changes and inform you on how they may affect your reporting process and timelines. We update our systems appropriately and provide detailed guidance with respect on how to maintain compliance. For more information on this important ACA reporting change, please see the full text of the IRS Notice 2016-4 or visit our support website for any help you may need.
